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CFPB issues small entity compliance guide for small biz lending rule
The CFPB has released a compliance guide for small entities as they implement the bureau’s small business lending rule.
The guide includes over 130 pages of information, most notably a section on “coverage” of the rule, which implements section 1071 of the Dodd-Frank Act.
The NAFCU Compliance Team has a blog post breaking down the rule and will dive into the guide in an upcoming Compliance Blog post (sign up to receive the latest Compliance Blog posts in your inbox).
Of note, NAFCU representative Mike Wilson (Members 1st Federal Credit Union, Enola, Pa.) testified in March before the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access on how the bureau’s section 1071 rulemaking will impact credit union small business lending.
NAFCU will continue to share concerns about the section 1071 rulemaking with the CFPB and lawmakers and advocate for relief for credit unions under the rule.